The United Kingdom's Prime Minister Keir Starmer is scheduled to declare the end of the era of globalisation following US President Donald Trump's hardline reciprocal tariffs and 'America First' policy that triggered a global trade war pushing markets into the shadows of uncertainty.
Axar.az reports in his address to the nation on Monday, the British Premier is also likely to admit that globalization, which started after the fall of the Soviet Union in 1991, has "failed" millions of voters and acknowledge why Trump's economic nationalism is popular among his supporters who believe they have seen no benefits from free trade and mass immigration, The Times reported.
Citing a senior UK official, the publication reported that while the UK does not agree with Trump's 10 per cent "baseline" tariffs and other recent protectionist measures, the Starmer government, however, admits that a new era has begun in which Trump's methods have massive support.
"Trump has done something that we don't agree with, but there's a reason why people are behind him on this. The world has changed, globalisation is over, and we are now in a new era. We've got to demonstrate that our approach, a more active Labour government, a more reformist government, can provide the answers for people in every part of this country,' the report cited the official as saying.
Source: en.axar.az
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